Stora Enso Acquires Majority Shares in Polish Operations

Stora Enso has acquired 28 percent of the shares in Stora Enso Poland (formerly Intercell S.A.) from the State of Poland for EUR 64 million (US$87 million). Following the acquisition, Stora Enso holds 95 percent in the company. The remaining shares, owned by the Polish State, will be distributed to current and retired employees of Stora Enso Poland.

Stora Enso intends to purchase these remaining shares as soon as feasible.

"The demand for corrugated packaging in Central and Eastern Europe is increasing rapidly due to healthy economic growth and investment in manufacturing industries. We are currently considering the further expansion of our corrugated packaging operations in Poland, in order to consolidate Stora Enso's position as a leading supplier in the fast growing Polish market," says Veli-Jussi Potka, Senior VP of Stora Enso Packaging Board.

Ongoing analyses include a study into securing the containerboard supply for Stora Enso's corrugated packaging plants by possibly building a new containerboard machine. Stora Enso's Ostroleka mill site would provide one potential location for this, which can be supplied by Stora Enso Recycling in Poland. The studies are expected to be completed by the end of this year.